Woodside snaps up Apache's LNG stakes

摘要

WOODSIDE Petroleum is set to buy Apache's liquefied natural gas (LNG) assets in Canada and Western Australia in a deal worth some $3,7 billion. The cashed up Australian LNG developer, which needed to make an acquisition to expand, will buy stakes in both the Chevron-operated Wheatstone and Kitimat LNG export projects. A 13% share in the Wheatstone scheme adds 1.1 million tonnes per year (t/y) to Woodside's LNG portfolio, but adds the risk of cost over-runs, which have been prevalent in Western Australia. The project will have a capacity of 8.9 million t/y and is estimated to cost $29 billion or $3,258/t, making it one of the most expensive LNG facilities in the world, although Woodside's remaining capital exposure is only $1.8 billion.